56 ts National Supply's shareholders' equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 6 million shares at $1 par Paid-in capital-excess of par Retained earnings $ 6,000,000 48,000,000 97,000,000 eBook Print C Eferences Required: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15, 2021 February 17, 2022 November 9, 2023 Reacquired 460,000 shares at $11 per share. Reacquired 460,000 shares at $8.50 per share. Sold 320,000 shares at $10 per share (assume FIFO cost). 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $19 million in 2021, $21 million in 2022, and $23 million in 2023. No dividends were paid during the three-year period. Complete this question by entering your answers in the tabs below. Req 1 Retired Req 1 Treasury Stock Req 2 Prepare the entry for each of the transactions given in the requirement above. Assume shares are retired. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) ces Prepare the entry for each of the transactions given in the requirement above. Assume shares are retired. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the purchase of shares on February 15, 2021 for retirement. Note: Enter debits before credits. Date February 15, 2021 General Journal Debit Credit 7 Record entry Clear entry View general journal 2 Complete this question by entering your answers in the tabs below. Req 1 Retired Req 1 Treasury 16.66 points Stock Req 2 eBook Prepare the entry for each of the transactions given in the requirement above. Assume shares are treasury stock. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Print Journal entry worksheet 1 2 3 References Record the purchase of 460,000 shares at $11 per share on February 15, 2021 that are accounted for as treasury stock. Note: Enter debits before credits. Date February 15, 2021 General Journal Debit Credit Record entry Clear entry View general journal W z 5 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $19 million in 2021, $21 million in 2022, and $23 million in 2023. No dividends were paid during the three-year period. Complete this question by entering your answers in the tabs below. -Book Req 1 Retired Req 1 Treasury Req 2 Print Stock Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $19 million in 2021, $21 million in 2022, and $23 million in 2023. No dividends were paid during the three-year period. (Enter your answers in whole dollars.) Shareholders' Equity erences Paid-in capital: Total shareholders' equity Retirement Treasury stock